Ratio Oil Exploration (1992)- Limited Partnership

Round Tables Conference

November 19,2012

This presentation was prepared by Ratio Oil Exploration (1992) – Limited Partnership (the “Partnership” or

“Ratio”) . It is not an offer to buy or sell securities of the Partnership, nor an invitation to receive such offers, and is

designed, as aforesaid, for the provision of information only. The information used to make the presentation (the

“Information”) is given for convenience purposes only and is neither a basis for the making of any investment

decision, nor a recommendation nor an opinion, and is no substitute for the investor’s discretion.

Everything stated in this presentation with respect to an analysis of the Partnership’s business is merely a summary.

To obtain a full picture of the Partnership’s business and the risks facing the Partnership, review the Partnership’s

Periodical Reports and Immidiate Reports ,as filed with the Israeli Securities Authority through the Magna website.

The Partnership does not warrant that the Information is either complete or accurate, nor will bear any liability for any

damage and/or losses which may result from a use of the Information.

Various issues addressed in this presentation, which include forecasts, goals, estimates, assessments and other

information pertaining to future events and/or matters, whose materialization is neither certain nor within the

Partnership’s control, including in connection with data, income forecast, the value of the Partnership, costs of

projects, the development and construction thereof etc. are forward-looking information, as defined in the Securities

Law. Such Information is based solely on the Partnership’s subjective assessment, based on facts and figures

concerning the current state of the Partnership’s business, and macro-economic facts and figures, all as are known to

the Partnership on the date of preparation of this presentation. The Partnership does not undertake to update and/or

change any such forecast and/or estimate to reflect events and/or circumstances occurring after the date of preparation

of this presentation. The materialization or non-materialization of the forward-looking information will be affected,

inter alia, by risk factors characterizing the Partnership’s business, as well as by developments in the general

environment and outside factors affecting the Partnership’s business, third-party representations not materializing,

delays in the receipt of permits, etc., which cannot be estimated in advance and are beyond the Partnership’s control.

The Partnership’s results of operations may differ materially from the results estimated or implied from the aforesaid,

inter alia due to a change in any one of the foregoing factors.

Disclaimer

Ratio’s Vision

Exploration Assets

Ratio Yam Licenses

Gal Permit

Presentation Outline

Continue with E&P operations in its current exploration assets

Develop and commercialize the Leviathan gas field

Acquire working interests in additional petroleum rights granted by

the State of Israel

Take advantage of the data and knowledge gained from recent

activities to further assess additional regional opportunities

Ratio’s Vision

Ratio’s exploration assets

Gal

“Ratio Yam” Licenses - Partners

Ratio Yam licenses (Amit, Rachel, Eran, Hanna, David)

39.66 % 15 %

Noble Energy

(Operator)

Ratio Oil Exploration (1992) LP

22.67 % 22.67 %

Delek Drilling LP

Avner Oil and Gas Exploration LP

Partners are currently in the process of locating a strategic

partner

Leviathan – One of the world’s largest gas discoveries of the

last decade, with estimated 17 Trillion Cubic Feet

Identified originally by Ratio and then introduced in 2007 to its current

partners

Discovered in late 2010, Leviathan is the most significant gas field in the

Eastern Mediterranean Sea

Located in the Rachel & Amit Licenses, 135km west of Haifa, Israel in water

depths of approx. 1,630m, covering an area of approx. 325 km2

Surrounded by several recent commercial discovery fields

Contains high quality reservoir and gas- 99% methane, 21% porosity

“Ratio Yam” Licenses

Leviathan – Anticipated major targets in years 2012-2013

Join forces with a strategic partner

Currently , drill Leviathan # 4 appraisal well

Consolidate future operations regarding the prospective resources of the oil

deep targets

Advance upstream studies as well as LNG and FLNG FEEDs

Commence negotiations of gas supply contracts

“Ratio Yam” Licenses – Cont.

12

Scale and Location allows for multiple development scenarios

Supply to Domestic Market

Supply to Export Markets via :

- Pipeline, and

- Onshore LNG plant and, if possible,

- Offshore floating LNG facility

Onshore LNG plant’s location and offshore floating LNG facility are

under assessment

Leviathan Development Approach

“Gal” Preliminary Permit

“Gal” preliminary permit

In 2010 the Partnership obtained the Gal preliminary permit (with

priority rights)

By July 2011, the Partnership completed the work program, including

the acquisition of a 3D seismic survey

In August 2011 the Partnership exercised its priority right and

applied for two licenses, named Neta and Royee, within the

preliminary permit area

The Partnership currently holds 100% working interest, however

anticipates to reduce its interest to 50%-60% by farming out portion

of its interests

Thank You

Contact Details:

Ratio Oil Exploration Ltd.

Tel : +972-3-5661338

Fax : +972-3-5661280